Paper stocks were back in focus while broader market stocks also saw buying. Select IT names were under pressure. India VIX, a barometer of volatility, slid further.
The 30-share pack Sensex rose 765.04 points or 1.36 per cent to close at 56,889.76. Its broader peer NSE Nifty climbed 225.85 points or 1.35 per cent to 16,931.05.
Equity investors grew richer by Rs 3.58 lakh crore as the total market cap of BSE-listed companies climbed to Rs 247.32 lakh crore.
“Global markets strengthened as the anxiety over the Jackson Hole symposium subsided following the dovish tone of the Fed Chair Jerome Powell stated to stick with the wait-and-see approach giving reassurance that the easy money policy will continue this year with a smaller rate of tapering,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Paper stocks rallied as govt extends anti-dumping duty on uncoated paper
- Clean Science rises 2 per cent after Motilal Oswal sees 18 per cent upside
- Sona Comstar, Sandhar Tech, Bharat Forge jump up to 9 per cent on possible Tesla deal
- Bharti Airtel leaps 5 per cent after announcing Rs 21k cr rights issue
- Zomato surges 7 per cent after MS says its premium valuations will sustain
Among the bluechip names, Bharti Airtel was the top gainer, rising 5.02 per cent. Divi’s Labs, Axis Bank, Tata Steel, Coal India, Titan, ONGC, Maruti Suzuki and Bajaj Finance were other gainers.
Tech Mahindra was the top loser in the Nifty pack, falling 1.43 per cent. Nestle India, Eicher Motors, Infosys, Wipro, SBI Life Insurance and TCS were others that ended in the red.
Broader market indices ended higher, outperforming their headline peers. Nifty Smallcap advanced 1.53 per cent and Nifty Midcap climbed 1.94 per cent. Nifty 500, the broadest index on NSE, ended 1.45 per cent higher.
CanFin Homes, Kalpataru Power, BASF, IndiaMART InterMESH, Polycab India and Dalmia Bharat were top gainers from mid and smallcap indices, climbing in the range of 5-9 per cent.
Century Ply, Thyrocare Technologies, Linde India, Fortis Healthcare, Endurance Technologies and L&T Tech Services were major losers from broader market space, falling in the range of 1-4 per cent.
Barring Nifty IT that fell 0.58 per cent, all sectoral indices on the NSE ended the day in the green. Nifty Metal was the top gainer, rising 2.47 per cent. Nifty Bank and Nifty Realty were other major gainers.
Market breadth was in favour of gainers as 2,222 stocks ended in the green, while 1,096 names settled with cuts. As many as 211 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 32 names hit 52-week lows, mostly from the microcap space. About 425 stocks hit upper circuit limits and 220 lower circuit limits.
European markets were trading higher. London-based FTSE was up 0.32 per cent while Paris and Frankfurt advanced 0.20 per cent and 0.24 per cent, respectively. In Asia, all markets closed in the green.
